Teamwork Financial Sells 85% of Progressive (PGR) Holdings, Worth Almost $15 Million

Company Overview - The Progressive Corporation is a leading U.S. auto and property insurer with a diversified product suite and significant national presence, offering a broad portfolio of insurance products including personal and commercial auto, residential property, general liability, and specialty lines such as motorcycle and RV insurance [6][7] - As of October 23, 2025, Progressive's market capitalization is $143.23 billion, with a revenue of $82.38 billion and a net income of $10.43 billion for the trailing twelve months [5] Recent Developments - Teamwork Financial Advisors significantly reduced its stake in The Progressive Corporation, selling 55,286 shares worth approximately $14.95 million during the quarter ended September 30, 2025, which represents around 85% of its previous holdings [2][3] - Following the sale, Progressive now accounts for just 0.3% of Teamwork Financial Advisors' reportable U.S. equity assets under management (AUM) [4] Market Performance - As of October 7, 2025, Progressive shares were priced at $243.89, reflecting a decline of 0.66% year-on-year, and the company underperformed the S&P 500 by 19.3 percentage points [4] - The insurance sector has faced challenges this year, including increased extreme weather events and tariff uncertainties affecting repair costs, which have pressured insurers [11] Financial Insights - Teamwork Financial Advisors' previous holdings in Progressive peaked in Q2 2025, when they accounted for around 2% of its AUM, indicating a significant reduction in position [10] - Progressive's recent earnings did not meet analyst expectations, and the company may face nearly $1 billion in payouts to policyholders in Florida due to an excess profit rule [12]